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Disclaimer: This article is written by Hiren K. Shah, Owner at Growell Financial Partners. He wrote this article for his Yahoo Group users




Your journey towards financial freedom isn't complete without these obstacles which you must learn to face and conquer. The sooner you take action against them, the sooner you achieve wealth.

Impulse Buying

Through the years, I have changed from an impulsive buyer in the stock markets to a contarian buyer. It took some time and a lot of personal motivation but I was finally able conquer this bad habit. If I was able to do it, I don't see any reason why you can't. Whenever I'm faced with an urge to buy something unplanned, I usually pause and ask myself several questions first. These simple dialogue with myself has become a powerful tool for me and I hope it will be for you too.

Always buy when you see value not the price movements.

Inflation

Inflation hurts people particularly those in fixed incomes like the elderly and those whose income isn't indexed to inflation. They lose a part of their purchasing powers because their cashflow remains constant while their cost of living increases. Employed individuals, despite receiving constant salary increments, are hurt because there is a time lag in compensation adjustments. By the time they receive higher nominal income, it has already been months since the prices of commodities went up.
Have a plan to buy assets which gain during inflation.

Procrastination

Procrastination simply refers to the habit of putting off doing something for a later time. Aside from the definition, it is also necessary to learn why we often choose to procrastinate. Is it simply because we are too lazy to act or is it something much deeper? More importantly, how do we get rid of this bad habit? What is the best way to really overcome procrastination?

Do today,what you can do tomorrow.Do now,what you can do today.Remeber NIKE "Just do it"

Fear of Taking Risks

A simple message I got from my mentor is "Remember, life is a risk. To do or not to do something is an equal risk. And not doing something is the greatest risk of all. If you do it, you could lose . And if you don't do it, you will never know the benefits of having done it, or whether it will even work or not. So not risking is the greatest risk of all."

I hope that this will inspire you to do the same in your life.

Wrong Beliefs About Money


If you think about it, money is simply defined as a tool that we use to acquire the things that we need or want. It is a non-living thing that is void of emotion or bias. Take a Rs 1000 note out of your purse right now and look at it. Would you agree with me if I say that you're simply holding a piece of paper? Can you shred it to pieces now ? No you would not.Yet we invest lakhs of money into wrong investment and throw our wealth into the sea.

Keep these things in mind and overcome them when taking investment decisions.

Happy Investing.

1 comments

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    December 14, 2013 at 5:38 AM

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